GBST shareholders vote for sale to FNZ
Shareholders in publicly-listed financial services technology company, GBST have overwhelmingly voted in favour of the acquisition of the company by New Zealand-originated and UK-based player, FNZ.
A meeting of shareholders voted in favour of the transaction which saw the company, originally founded in Wollongong, valued at $3.50 per share.
The outcome sees one of the company’s founders and its current chief executive, Rob DeDominicis, benefit to the tune of a cash payment of up to $490,000 under the terms of the company’s long-term and short-term incentive plan as well as the value of 699,055 GBST shares and 1,509,436 GBST options.
The acquisition scheme remains subject to court approval but it is expected that shares in GBST will cease trading on the Australian Securities Exchange (ASX) this Friday.
The shareholder vote came less than a week after GBST announced to the ASX that its former chief executive and managing director, Stephen Lake, had won a legal case concerning the termination of his employment in 2016.
The company said that Lake had alleged GBST owed him $2.6 million in connection with the termination and that the court had found that he was entitled to his claim of $2,2225,205.04 plus interest.
GBST said at the time of the judgement that it was reviewing its options.
Recommended for you
Advice firm Apt Wealth Partners has appointed Andrew Dunbar to lead the firm in its next growth phase, while former CEO James McGregor will step up as executive chair to focus on M&A plans.
The use of offshore service providers could be exposing clients to potential risks around confidentiality, operational disruption, or effective supervision, ASIC has warned financial advice licensees.
With the adviser education pathway deadline less than three months away, Padua Wealth Data is predicting a “very unstable last quarter” after three months of solid net growth and new entrants.
ASIC has banned the former CEO of Lighthouse Partners from providing financial services for 10 years after failing to report fees-for-no-service conduct, the second individual banning from this firm.
